Global Investment Trends - Global investment conditions remain sluggish in the first half of 2025, with foreign direct investment (FDI) declining by 3%, marking the third consecutive year of decline [1][2] - Geopolitical tensions, trade frictions, and companies reassessing supply chain risks contribute to cautious investment sentiment [1][2] Greenfield Investment - Greenfield investment, a key indicator of new capital expenditure and future production capacity, has seen a significant decline, with a 17% drop in global projects [2] - Developed and developing countries experienced declines of 20% and 12% respectively, contrasting with the recovery period from 2023 to 2024 [2] - Manufacturing greenfield projects decreased by 26%, particularly in sectors related to global supply chains such as electronics, machinery, automotive, and textiles [2] International Project Financing - International project financing, primarily in infrastructure sectors like energy and transportation, has sharply decreased due to high interest rates and rising geopolitical risks [3] - Renewable energy projects saw a 9% decline, while other electricity projects experienced a 38% drop in project numbers and a 52% decrease in investment amounts [3] - Domestic project financing has increased by 39% in number and 29% in amount, indicating a shift as local capital attempts to fill the gap left by international capital withdrawal [3] Cross-Border Mergers and Acquisitions - Cross-border M&A activity has significantly decreased, with total deal value dropping from $448 billion in 2024 to $172 billion in 2025 [4] - The U.S. and U.K. saw declines of 33% and 59% respectively, with overall European M&A activity down by approximately 1% [4] - There is an increase in divestitures and withdrawals, leading to instability in M&A activities in developing countries [4] Sustainable Development Goals Impact - The weak international investment climate negatively affects the achievement of sustainable development goals, with related project numbers declining by 10% and investment amounts down by 7% [4] - This trend indicates a reduction in both the number of projects and the average size of individual projects, further weakening capital formation capabilities in developing countries [4] Future Investment Landscape - The global investment landscape is expected to become more "regionalized" and "friend-shored," with investments favoring politically friendly countries [5] - Manufacturing related to supply chains will continue to face pressure, with developed countries likely to repatriate critical manufacturing processes [5] - Digital economy and artificial intelligence are projected to be the only bright spots for global investment growth, driven by strategic emphasis on AI and semiconductor development [5]

Global Investment Trends - Global investment conditions remain sluggish in the first half of 2025, with foreign direct investment (FDI) declining by 3%, marking the third consecutive year of decline [1][2] - The report indicates that geopolitical tensions, trade frictions, and companies reassessing supply chain risks contribute to cautious investment sentiment [1][2] Types of International Investment - Greenfield investments, a key indicator of new capital expenditure and future production capacity, have significantly decreased, with a 17% drop in global projects [2] - Developed countries experienced a 20% decline in greenfield investments, while developing countries saw a 12% decrease [2] - Manufacturing greenfield projects faced the most significant decline, with a 26% reduction, particularly in sectors related to global supply chains such as electronics, machinery, automotive, and textiles [2] International Project Financing - International project financing, primarily in infrastructure sectors like energy and transportation, has sharply declined due to high global interest rates and increased geopolitical risks [3] - Renewable energy projects saw a 9% decrease, while other electricity projects experienced a 38% drop in project numbers and a 52% decline in investment amounts [3] - Domestic project financing has increased by 39% in number and 29% in amount, indicating a shift as local capital attempts to fill the gap left by international capital withdrawal [3] Cross-Border Mergers and Acquisitions - Cross-border M&A activity has decreased significantly, with total deal value dropping from $448 billion in 2024 to $172 billion in the first half of 2025 [4] - The U.S. saw a 33% decline in M&A activity, while the UK experienced a 59% drop, and Europe overall declined by approximately 1% [4] - There is a notable increase in divestitures and withdrawals, leading to instability in M&A activities in developing countries [4] Impact on Sustainable Development - The decline in international investment activities negatively impacts the achievement of sustainable development goals, with related project numbers decreasing by 10% and investment amounts down by 7% [4] - This trend indicates not only fewer projects but also a reduction in the average size of individual projects, further weakening capital formation capabilities in developing countries [4] Future Investment Landscape - The global investment landscape is expected to become more "regionalized" and "friend-shored," with investments favoring politically friendly countries [5] - Supply chain-related manufacturing will continue to face pressure, and developed countries are likely to repatriate critical manufacturing processes [5] - Digital economy and artificial intelligence are projected to be the only bright spots for global investment growth, driven by strategic emphasis on AI and semiconductor development [5]

Core Insights - Global investment conditions remain sluggish in the first half of 2025, with foreign direct investment declining by 3% for the third consecutive year, influenced by escalating global trade tensions, geopolitical uncertainties, and corporate reassessment of supply chain risks [1][2] Group 1: Greenfield Investment - Greenfield investment, a key indicator of new capital expenditure and future production capacity, has significantly contracted, with a 17% decrease in global projects. Developed and developing countries saw declines of 20% and 12%, respectively [2] - Manufacturing greenfield projects experienced the most substantial drop, with a 26% reduction, particularly in sectors related to global supply chains such as electronics, machinery, automotive, and textiles [2] - The decline in greenfield investment is attributed to rising U.S. tariff barriers, which have notably pressured manufacturing investments in countries like Vietnam, India, Brazil, and South Africa [2] Group 2: International Project Financing - International project financing, primarily in infrastructure sectors like energy, renewable resources, and transportation, has seen a significant downturn due to high global interest rates and increased geopolitical risks [3] - Renewable energy project numbers fell by 9%, while other electricity projects saw a 38% decrease in quantity and a 52% drop in value, indicating a weak performance across various sectors [3] - Domestic financing is replacing international financing, with domestic project financing increasing by 39% in quantity and 29% in value, highlighting a shift as international capital withdraws [3] Group 3: Cross-Border Mergers and Acquisitions - Cross-border M&A activity has sharply declined, with total deal value dropping from $448 billion in 2024 to $172 billion in the first half of 2025. The U.S. and U.K. experienced the largest declines, with decreases of 33% and 59%, respectively [4] - Service and manufacturing sectors saw significant reductions in M&A activity, with service sector deals down by 25% and manufacturing by 12% [4] - Increased divestments and spin-offs have led to greater instability in M&A activities in developing countries [4] Group 4: Sustainable Development Goals - The weak international investment climate negatively impacts the achievement of sustainable development goals, with related project numbers declining by 10% and investment amounts down by 7% in key areas such as renewable energy, infrastructure, and health [4] - The average size of individual projects is shrinking, further undermining the capital formation capacity of developing countries in critical sustainable development sectors [4] Group 5: Future Investment Trends - The global investment landscape is expected to become more "regionalized" and "friend-shored," with investments increasingly flowing between politically friendly nations, shifting from a globalized to a group-based approach [5] - Manufacturing sectors related to supply chains will continue to face pressure, with developed countries likely to repatriate key manufacturing processes to domestic or friendly economies [5] - Digital economy and artificial intelligence are projected to be the only bright spots for global investment growth, driven by strategic emphasis on AI and semiconductor development, as well as intensified technological competition among nations [5]

受全球贸易摩擦升级、地缘政治紧张，以及企业对供应链风险重新评估等因素影响，2025年上半年，全 球投资状况持续低迷。国际投资活动的绿地投资、国际项目融资、跨境并购均出现显著下降。未来，国 际投资短期内难以实质性改善，全球投资格局将更趋"区域化"与"友岸化"，数字经济与人工智能有望成 为全球投资增长的唯一亮点。 日前，联合国贸易和发展会议发布《全球投资趋势监测报告》第49期指出，2025年上半年，全球投资状 况持续低迷。全球范围内的外国直接投资下降3%，已连续第3年呈下降趋势。受全球贸易摩擦升级、地 缘政治紧张，以及企业对供应链风险重新评估等因素影响，投资情绪持续谨慎。 报告指出，作为国际投资活动的三大主要类型，绿地投资、国际项目融资、跨境并购均出现显著下降。 其中，绿地投资是反映企业新的资本开支与未来生产能力布局的核心指标。2025年上半年，该类投资呈 现出明显萎缩态势，全球绿地投资项目下降17%，其中，发达国家和发展中国家下降幅度分别为20%和 12%，与2023年至2024年的回升期形成反差。其中，制造业绿地项目跌幅最突出，项目数量减少26%， 下滑主要集中在全球供应链相关的电子、机械设备、汽车、纺织业等 ...

（原标题：21专访｜杨敏贤：纺织业零碳园区，需从洗水工艺、能源转型突破） （十如研究院委员会委员、溢达集团副董事长杨敏贤，受访者供图） 21世纪经济报道记者卢陶然、李德尚玉 桂林、北京报道 2025年政府工作报告做出明确部署，提出扎实开展国家碳达峰第二批试点，建立一批零碳园区、零碳工 厂。 11月10日，国家发展改革委、国家能源局联合印发《关于促进新能源消纳和调控的指导意见》指 出，"创新新能源集成发展模式，推进零碳园区建设。"此前，国家发展改革委、工业和信息化部、国家 能源局等部门也发布了《关于开展零碳园区建设的通知》等专项文件。 从十如的经验来看，绿色建筑在设计阶段相对容易，聘请设计师、选用可持续材料基本能满足要求。但 运营维护完全不同，需要在工厂运营的每一日、每一处落实可持续理念。技术和设备可以购买，规则可 以制定，但可持续发展不能依靠规则和监督，需要让可持续理念从一项项具体措施，内化为每一位员工 无需提醒的自觉。我们通过成立绿色发展委员会、推广绿色办公实践、建立全方位的员工关怀体系等方 式，系统性地培育这种文化。 21世纪：纺织业建设零碳园区有哪些独特的重点和难点？ 杨敏贤：纺织业建设零碳园区的难点首 ...

Core Viewpoint - The company is focusing on cost management and market expansion to enhance profitability while utilizing rooftop solar energy and thermal power projects for stable energy supply [1] Group 1: Cost Structure - Energy costs represent a significantly lower proportion of total product costs compared to raw material costs [1] - The company is leveraging rooftop solar resources to supplement electricity consumption [1] Group 2: Operational Performance - The company reported a comprehensive gross margin of 23.17% for the first three quarters [1] - Continuous efforts will be made to improve profitability through effective cost management and market development [1]

Core Viewpoint - Lutai A (000726.SZ) emphasizes that energy costs constitute a significantly lower proportion of total product costs compared to raw material costs, and the company is leveraging rooftop solar power to supplement electricity consumption [1] Group 1: Cost Structure - Energy costs are a smaller portion of the overall product costs compared to raw material costs [1] - The company utilizes rooftop solar power as a means of resource reuse for electricity generation [1] Group 2: Operational Efficiency - The thermal power project ensures a stable supply of steam for the company [1] - The company reported a comprehensive gross margin of 23.17% for the first three quarters [1] Group 3: Future Strategy - The company plans to continue enhancing cost management and expanding market reach [1] - There is a focus on continuously improving profitability [1]

Core Viewpoint - Tianhong International Group (02678.HK) has signed a non-binding letter of intent with an independent third party regarding a potential acquisition of equity and other related assets in several companies engaged in textile processing and fabric sales in the Americas [1] Group 1 - The agreement involves the acquisition of target assets held or controlled by the seller [1]

Group 1 - The company is experiencing accelerated capacity release in its overseas high-end fabric project and continues to reduce losses in its functional fabric project, with both expected to contribute profits by 2026 [1] - The current capacity utilization rate of the overseas high-end fabric project has improved, although specific figures were not disclosed [1] - The functional fabric project remains in a loss state, but further production increases are anticipated to reduce losses [1]

Core Viewpoint - The textile industry is currently facing cost pressures due to fluctuations in cotton prices, leading some companies to incur losses. However, the company is advancing smart production line upgrades and photovoltaic layouts to mitigate these challenges [1]. Group 1: Cost Management and Production Efficiency - The company indicated that energy costs constitute a significantly lower proportion of total product costs compared to raw material costs [1]. - The implementation of smart production lines is expected to reduce unit production costs below the industry average, although specific percentage reductions were not disclosed [1]. Group 2: Renewable Energy and Profitability - The company's rooftop photovoltaic projects are aimed at utilizing part of the rooftop resources to supplement electricity consumption for production [1]. - The thermal power project ensures a stable supply of steam, which is crucial for the company's operations [1]. - The company reported a comprehensive gross margin of 23.17% for the first three quarters, which is above the industry average gross margin of 18.77% [1]. Group 3: Future Outlook - The company plans to continue enhancing cost management and expanding market reach to improve profitability [1].